Connect with us


GM Raises 2024 Earnings Guidance After Strong First-Quarter Results

Avatar of AlishbaW




(CTN News) – On Tuesday, General Motors (GM) raised its 2024 guidance after exceeding Wall Street’s expectations for the first quarter.

North American operations offset losses elsewhere during the first quarter, boosting the automaker’s forecast. From $8.50 to $9.50 a share, the company now expects adjusted earnings of $12.5 billion to $14.5 billion, or $9 to $10 per share.

Furthermore, General Motors raised its outlook for adjusted automotive free cash flow from $8 billion to $10 billion to $8.5 billion to $10.5 billion.

Shares of General Motors surged more than 5% following the announcement.

LSEG’s average estimates for the first quarter were as follows:

  • The adjusted earnings per share were $2.62 compared to $2.15 expected

  • Revenue: $43.01 billion compared to $41.92 billion expected

According to GM, revenue rose 7.6% from approximately $40 billion a year earlier in the first three months of this year. During the first quarter, it earned $2.95 billion in net income, a 26% increase.

From the first quarter of 2023, when the company reported net income attributable to stockholders of about $2.4 billion, or $1.69 a share, the company increased net income attributable to stockholders 24.4%, or $2.98 billion, or $2.56 per share.

In the first quarter, the automaker generated adjusted earnings before interest and taxes of $3.87 billion, or $2.62 per share.

The Americas

As a result of strong truck sales, GM’s first-quarter earnings beat and guidance was raised.

During the quarter, the division increased adjusted earnings to $3.84 billion, up 7.4% from a year earlier.

As a result of steady vehicle pricing and increased retail sales, GM achieved an adjusted profit margin of 10.6% in the region for the period – higher than its previously announced 8% to 10% range.

A flat or slightly lower pricing was found during the quarter due to vehicle mix, according to GM’s chief financial officer, Paul Jacobson.

During these periods of higher interest rates, Jacobson says the consumer has been resilient. Such an environment will enhance our performance.”

GM’s financing arm reported adjusted earnings of $737 million during the first quarter, down 4.4% from a year earlier.

The Chinese mainland

As a result of North America’s results, the company offset losses in China and other international markets of $106 million and $10 million, respectively.

During Tuesday’s earnings call, GM CEO Mary Barra said the company remains committed to the Chinese market.

GM China’s earnings fell from billions of dollars annually during the mid-2010s to the quarterly loss amid increased competition and shifting consumer demands, a question that would have been unfathomable just a few years ago.


Tesla Lowers US Prices For 3 Electric Vehicle Models After a Tough Week

Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

Continue Reading

CTN News App

CTN News App

Recent News


compras monedas fc 24

Volunteering at Soi Dog

Find a Job

Jooble jobs

Free ibomma Movies